Cardano is one of the biggest blockchains to successfully use a proof-of-stake consensus mechanism, which is less energy-intensive than the proof-of-work algorithm relied upon by Bitcoin. Although the much larger Ethereum is going to be upgrading to PoS, this transition is only going to take place gradually.

The project has taken pride in ensuring that all of the technology developed goes through a process of peer-reviewed research, meaning that bold ideas can be challenged before they are validated. According to the Cardano team, this academic rigor helps the blockchain to be durable and stable — increasing the chance that potential pitfalls can be anticipated in advance.

Let us see the technical analysis of ADA.
<h2><b>Past Performance of ADA</b></h2>
The sixth biggest cryptocurrency in the market has hit 1 million staking wallets, a historical moment for the smart contracts platform. It has <a href="https://www.cryptoknowmics.com/news/ada-technical-analysis-next-two-days-see-a-fall-increase-in-network-activity-will-push-prices-up/">fallen</a> by approximately 8 percent and seems to be in a downward trend, trading at $1.274.

<img class="tv-snapshot-image" src="https://s3.tradingview.com/snapshots/k/klifdoGk.png" alt="TradingView Chart" />

Source: <a href="https://www.tradingview.com/x/klifdoGk/">https://www.tradingview.com/x/klifdoGk/</a>
<h2><b>ADA Technical Analysis</b></h2>
The surge in the number of staking wallets has stayed in step with the bearishness that has descended on ADA. An increase in staking wallets could indicate that investors are holding on to their ADA and staking them for returns as they wait out for the bulls to return.

The data from<a href="https://pooltool.io/"> PoolTool.io</a> shows that currently 998,300 wallets are staking their Cardano tokens. This comes at a time when the Cardano Foundation is celebrating hitting the milestone of 2 million ADA wallets.

The <b>On-Balance Volume </b>supports this dip in price and the lower end of the 478 million seems to justify that.

This is supported by<b> RSI</b> which has dipped to 28% levels and is in the oversold region. One can see this as a sign of a steady -state being created for future gains.

The MACD and trend line have fallen below the histogram giving a strong signal of low stability.
<h2><b>Price Trends for the Day-Ahead and Tomorrow</b></h2>
The price is giving STRONG SELL indicators through its oscillators and indicators. This is because the highest prices right now are quite far off from the support levels of $190. This is nearing the level of $1.42 support levels and we have to wait to regain till the pivot levels of $1.782. One of the best opportunities to get into the token.

ADA Technical Analysis: Watch for Support Levels and Hodl - $1.372

ADA price is giving STRONG SELL indicators through its oscillators and indicators. This is because the highest prices right now are quite far off from the support levels of $190. This is nearing the level of $1.42 support levels and we have to wait to regain till the pivot levels of $1.782. One of the best opportunities to get into the token.

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

ADA Technical Analysis: Watch for Support Levels and Hodl - $1.372

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